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Trump says that if it hadn’t been for subsidies, the US wouldn’t have a dominant player in EVs or space and satellite technology

Every single one of the 11 Meta superintelligence hires is an immigrant who did their undergrad abroad. 7 China, 1 India, 1 Australia, 1 UK, 1 South Africa. 8 are PhD or PhD dropouts in the US. Immigration is key to US AI innovation.

Very important point - lots and lots of people on Medicaid don't realize that they're on it and are potentially at risk of being kicked off it.

My plan to revive American manufacturing is to: raise the price of inputs like steel, aluminum & copper; create shortages of rare earths; invite retaliatory tariffs; cut R&D; raise borrowing costs by blowing out the budget; and to cover it all in a thick cloud of uncertainty.

The problem with the shift from manufacturing to services was that high-value service industries are far more subject to clustering effects, resulting in the "superstar city" effect and the hollowing out of smaller cities.

🗞️Newspapers and magazines -4.7%

I had early access & ChatGPT agent is, I think, a big step forward for getting AIs to do real work Even at this stage, it does a good job autonomously doing research & assembling Excel files (with formulas!), PowerPoint, etc. It gives a sense of how agents are coming together

It feels much more like working with an actual human intern capable of a wider range of analytical and computer tasks, and, like an intern, you want to give it feedback and work back & forth. Not all the way there yet, but the paradigm is shifting from prompting to delegating.

It's an illusion that there was a "bad old days" when Silicon Valley was funding crap startups. Most startups fail, and failed ideas sound bad, even if they could have evolved into something good. So past cohorts of startups will always seem crappy.

The most common question I get on here is: If tariffs are so bad, why do other countries use them? The answer: They basically don't. Most of our trading partners have almost no tariffs, and the few they have are in politically powerful sectors.

New newsletter: HOW THE HOUSING MARKET FOR YOUNG PEOPLE BECAME A 'TOTAL DISASTER' In 1991, the median age of first-time homebuyers was 28. Now it’s 38. This is the hardest time for young people (defined, generously, up to 40) to buy their first home in modern history. The

But, plot twist: The much-discussed contraction in entry-level tech hiring appears to have *reversed* in recent months. In fact, relative to the pre-generative AI era, recent grads have secured coding jobs at the same rate as they’ve found any job, if not slightly higher.

From Paul Kedrosky. AI capex is a bigger deal than the telecom buildout. But still nowhere near as big as the railroad buildout.

This could be a moment where the country goes down the Argentina path of faking economic statistics for political reasons. It is absolutely vital that everyone do what they can to prevent this from happening.

This is awful. Reliable economic data is a key strength of the US economy. When Argentina and Greece faked economic data it contributed to major crises. I don't think Trump will be able to fake the data given the procedures. But there is now a risk plus an awful appearance.

One crazy consequence is that now no one will trust the BLS if it reports good numbers the next time.

Breaking news: President Trump said he fired the head of the Bureau of Labor Statistics after the agency revised May and June jobs data that cast doubt on the strength of the labor market. He called for “someone much more competent” to take over. wapo.st/4lY816w

The totally groundless firing of Dr. Erika McEntarfer, my successor as Commissioner of Labor Statistics at BLS, sets a dangerous precedent and undermines the statistical mission of the Bureau. For a full statement opposing this move, read: friendsofbls.org/updates/2025/8…

This is a remarkable — and brave — statement from the guy who was Trump's handpicked BLS Commissioner in Trump's first term.

There is no universe in which political control of the statistics improves the quality of the statistics.